Blues Plan To Open Bank To Handle HSAs

The advantage of a plan-owned bank to members would be easier payments of deductibles, co-payments and other qualified medical expenditures, Hamrick notes.

Members of Blues plans would not be required to put their medical savings in the Blue Healthcare Bank, Hamrick says. Indeed, a number of Blues previously have announced agreements with other banks to provide health care savings accounts along with investment products for funds Blues members put in the accounts.

BCBSA recognized, however, that offering its own bank would allow its companies to capture some of the expected growth of consumer-directed health care plans, which include health care savings accounts, according to the spokesman.

Among other services, the bank would offer the new Blue Visa debit card, which BCBSA launched two weeks ago in a joint announcement with Visa USA Inc., to facilitate payments.

"Any time you can simplify the payment process for consumers, especially in health care, it's going to be very attractive," says Hamrick. "The bank will make things easier for physicians and providers, too."